November 2014 Industry Stats

The Canadian Association of Accredited Mortgage Professionals (CAAMP) released their new set of statistics on November 11th, 2014. The major statistics are summarized as follows:

Bank of Canada interest rate remains at 1%
Prime lending rate remains at 3%
The 5Y variable qualifying rate remains at 4.79%
The Government of Canada Bonds maintain their overall position
The number of housing starts decreased from 60,400 (September 2013) to 54,700 (September 2014)
The average MLS resale price in Toronto increased from $533,797 (September 2013) to $573,676 (September 2014), a 7.8% increase

What does this mean for industry professionals? Overall, the Toronto housing market remains strong, as growth is present. However, the housing starts fell for the month of September, as compared to last year. If this pattern continues for the months ahead, it could be a reason for alarm.
What does this mean for homebuyers? Mortgage interest rates are likely to remain stable for the remaining month.

This month’s report features more accurate data relating to detached bungalow and standard two story pricing. The tables show a 7.2% increase for bungalows, and a 7.6% increase for two stories, in the City of Toronto.

Stay tuned for next month’s update!

For a more in-depth and professional review of your individual and personalized situation please give Harpreet Singh The Mortgage King a call at (416) 795-1919.